After 50 years of diplomatic relations The Independent State of Papua New Guinea (PNG) and the Republic of the Philippines have agreed to the first ever Trade Committee Meeting between the two countries which will be held in Manila on June 17-18, 2024.
PNG’s Minister for International Trade and Investment, Richard Maru and the Philippines Secretary of the Department of Trade and Industry, Alfredo Espinosa Pascual agreed to this historic Trade Committee Meeting during their meeting in Manila last week.
Minister Maru said, “The Trade Committee members of both countries will include all key sectors and agencies responsible for trade and investment between our two countries including the Department of International Trade and Investment, and the Department of Foreign Affairs.”
The agenda for the meeting will include negotiating and signing a comprehensive Trade and Investment Partnership Agreement between the two countries and developing and signing a Free Trade Agreement between both countries. This critical agreement will provide the political will on both sides to progress initiatives to strengthen and deepen the trade and investment relationship.
Minister Maru further stated, “In terms of two-way trade between our two countries, in 2022, PNG exported USD132 million to the Philippines and the Philippines exported USD20.5 million to PNG, the trade is in our favor. They have a big market with 120 million people to feed and have been enquiring to buy rice from PNG if we are able to grow enough rice to feed ourselves and have rice available for export. They also need energy to supply their growing energy needs and have enquired about buying LNG gas from PNG. We also have attractive investment opportunities for them like investing in our mining and petroleum industry, agriculture, fisheries, energy, tourism and hospitality, health, skills training, and so much more.”
“We can also learn from the lessons they have learnt from their development challenges and experiences coming from the same background as ours. We have over 37, 000 Filipinos living in PNG and they are also a Christian country like us and it is easier to relate to them,” added Minister Maru.